Swiss Franc Choppy Versus Yen, Drops Against Other Majors In European Session, Wednesday, July 04, 2007 6:31:49 AM

During the European session on Wednesday, the Swiss Franc showed choppy trading versus the Japanese Yen. On the other hand, the Franc dropped against the rest of majors.

However, in the previous session, the Franc was mixed in trading. The Franc advanced versus the dollar, but it lost ground against the Yen. Against the Euro and the Cable, the Franc showed choppy trading.

The Euro-Zone retail sales data for the month of May which was released at 5:00 am ET caused very little price action in the Franc-Euro pair. The US markets are closed today on behalf of the Independence day holiday.

Euro-Zone retail sales growth slowed to 0.4% annually in May. On a monthly basis, retail sales dropped 0.5% versus revised 0.1% fall in April. Economists expected nil growth on a monthly basis and an annual increase of 1.6%.

The Swiss Franc showed choppy trading versus the U.S. dollar on late Tuesday in New York. However, the Franc ticked up in the Asian deals on Wednesday and collected as much as 1.2144 at 2:10 am Eastern Time. Soon after, the Franc gave back the Asian session`s gain completely and dropped further to 1.2174 by about 5:05 am ET. The Franc then gained a few pips and as of 6:30 am ET, it was quoted at 1.2159.

During the Asian deals on Wednesday, the Swiss Franc traded in a loose range against its European counterpart. But the Franc lost ground in the early European session and touched a low of 1.6565 by about 3:20 am Eastern Time. Thereafter, the pair moved sideways and collected 1.6559 as of 6:30 am ET.

After a brief uptrend, the Swiss Franc showed choppy trading versus the U.K.`s Cable in the Asian deals on Wednesday. During the early European session, the Franc edged down and hit as low as 2.4560 at about 4:55 am ET. The pair then followed a sideways movement and as of 6:30 am Eastern Time, it was worth 2.4545.

Against the Japanese Yen, the Swiss Franc trended lower during the early Asian session on Wednesday. Off 100.52 at 10:45 pm ET, the pair rebounded most of its losses and fetched 100.80 by about 1:00 am ET. The Franc then slipped slightly and showed a choppy trend in the European session. As of 6:30 am Eastern Time, the pair fetched 100.73.

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